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Don’t look now, but a $200,000 median sales price for Jackson County single-family residences is on the horizon.

The Southern Oregon Multiple Listing Service reported Wednesday that the countywide median price on existing home sales from March 1 through May 31 rose 19.8 percent, to $185,750, while May alone saw a 26.9 percent jump to $190,000 from $149,750 a year ago.

“A year ago, we were saying the lower-price-range homes were going to lead us out, and that’s what happened,” said Colin Mullane, spokesman for the Rogue Valley Association of Realtors and an agent with Full Circle Real Estate in Ashland.

He said the county likely will see a $200,000 median price — perhaps later this summer — before rising interest rates dampen the market.

That’s primarily driven by an inventory that is down 10 percent from a year ago, supported by mortgage interest rates that have edged up fractionally from recent lows. In Medford, the sales floor is between $100,000 and $200,000, while in Ashland, it’s $200,000 to $300,000.

“If there is no lower-price-range inventory to sell, there is no lower-end market to keep the median down,” Mullane said. “It’s like if Walmart has milk for $1.99 and you go in and there is no milk, the lower price doesn’t matter.”

The average time on the market for homes that sold during the three months dropped to 62 days — the equivalent of two months — from 83 days a year ago, and new construction sold in two months rather than four months. “Interest rates are starting to creep up already,” said Terry Rasmussen of John L. Scott Real Estate. “Right now they are spurring more activity — I’m running from appointment to appointment. The listings I’m getting now are gone in two to three weeks at the most and they are usually selling over the course of a weekend.”

While SOMLS reported 522 sales of existing homes over a three-month period, it also showed new homes were beginning to make tracks. Much of the area’s new construction doesn’t go through SOMLS, so its new-home figures can be skewed. But year-over-year new houses sold through the system went for a median price of $228,675.

Adding to the rising median figure is a decline in distressed sales.

Normal transactions accounted for 75.1 percent of the county’s sales, at a median price of $218,750. Short sales dropped to 16.3 percent of the activity, at a $127,000 median, while foreclosure deals fell to 7.7 percent of sales, at a median price of $123,950. “Last year at this time, distressed sales accounted for 56.6 percent of all home sales,” said longtime residential real estate appraiser Roy Wright. “Distressed sales are at the lowest point in five years.”

The 223 sales within incorporated areas during May represented the highest number in more than three years.

Mullane said the three- to four-month supply of houses mirrors what is occurring in Portland, Eugene and Bend. “We’re benefitting from the out-of-town buyers, whose home values are back at the level they were before the bubble burst,” he said. “They’ve got some equity back and the stock market is at an all-time high. They might be selling in a hotter market, and we’re always six to eight months behind the Bay Area and other large metropolitan markets that feed our market.”

Rasmussen anticipates sales to maintain a good pace and prices to rise through summer. “Up through the $300,000 range, we’re seeing sales go pretty smoothly. I expect interest rates to gradually rise, but I don’t anticipate a spike.”

Reach reporter Greg Stiles at 541-776-4463 or business@mailtribune.com. Follow him on Twitter @GregMTBusiness, and read his blog at www.mailtribune.com/Economic Edge.

Article source: http://www.mailtribune.com/apps/pbcs.dll/article?AID=/20130607/BIZ/306070317/-1/rss48

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Don’t look now, but a $200,000 median sales price for Jackson County single-family residences is on the horizon.

The Southern Oregon Multiple Listing Service reported Wednesday that the countywide median price on existing home sales from March 1 through May 31 rose 19.8 percent, to $185,750, while May alone saw a 26.9 percent jump to $190,000 from $149,750 a year ago.

“A year ago, we were saying the lower-price-range homes were going to lead us out, and that’s what happened,” said Colin Mullane, spokesman for the Rogue Valley Association of Realtors and an agent with Full Circle Real Estate in Ashland.

He said the county likely will see a $200,000 median price — perhaps later this summer — before rising interest rates dampen the market.

That’s primarily driven by an inventory that is down 10 percent from a year ago, supported by mortgage interest rates that have edged up fractionally from recent lows. In Medford, the sales floor is between $100,000 and $200,000, while in Ashland, it’s $200,000 to $300,000.

“If there is no lower-price-range inventory to sell, there is no lower-end market to keep the median down,” Mullane said. “It’s like if Walmart has milk for $1.99 and you go in and there is no milk, the lower price doesn’t matter.”

The average time on the market for homes that sold during the three months dropped to 62 days — the equivalent of two months — from 83 days a year ago, and new construction sold in two months rather than four months. “Interest rates are starting to creep up already,” said Terry Rasmussen of John L. Scott Real Estate. “Right now they are spurring more activity — I’m running from appointment to appointment. The listings I’m getting now are gone in two to three weeks at the most and they are usually selling over the course of a weekend.”

While SOMLS reported 522 sales of existing homes over a three-month period, it also showed new homes were beginning to make tracks. Much of the area’s new construction doesn’t go through SOMLS, so its new-home figures can be skewed. But year-over-year new houses sold through the system went for a median price of $228,675.

Adding to the rising median figure is a decline in distressed sales.

Normal transactions accounted for 75.1 percent of the county’s sales, at a median price of $218,750. Short sales dropped to 16.3 percent of the activity, at a $127,000 median, while foreclosure deals fell to 7.7 percent of sales, at a median price of $123,950. “Last year at this time, distressed sales accounted for 56.6 percent of all home sales,” said longtime residential real estate appraiser Roy Wright. “Distressed sales are at the lowest point in five years.”

The 223 sales within incorporated areas during May represented the highest number in more than three years.

Mullane said the three- to four-month supply of houses mirrors what is occurring in Portland, Eugene and Bend. “We’re benefitting from the out-of-town buyers, whose home values are back at the level they were before the bubble burst,” he said. “They’ve got some equity back and the stock market is at an all-time high. They might be selling in a hotter market, and we’re always six to eight months behind the Bay Area and other large metropolitan markets that feed our market.”

Rasmussen anticipates sales to maintain a good pace and prices to rise through summer. “Up through the $300,000 range, we’re seeing sales go pretty smoothly. I expect interest rates to gradually rise, but I don’t anticipate a spike.”

Reach reporter Greg Stiles at 541-776-4463 or business@mailtribune.com. Follow him on Twitter @GregMTBusiness, and read his blog at www.mailtribune.com/Economic Edge.

We reserve the right to remove any content at any time from this Community, including without limitation. Please check our Community Rules for more information. We ask that you report content that you in good faith believe violates the above rules by clicking the Flag link next to the offending comment or fill out this form. New comments are only accepted for two weeks from the date of publication.

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 Green Acres Rural Residential Home

Bed rooms - 3    Approx. Square Feet – 2020   Baths (F&H) 3(3 0)     Lot Acres (approx.)  0.4500

Call Vicki Fletcher at Finish Line Real Estate to See This Beautiful Home!

Green Acres is the place to be!  Lovely country home in well established rural neighborhood.  Tranquil, quiet, peaceful setting.  Beautiful mature landscaping on huge .45 acre lot.  Great for entertaining & outdoor living.  Covered patio with trex decking, hot tub, gazebo, raised garden beds.  40′covered RV parking with electrical.  Home has been completely & beautifully remodeled.  Home features large rooms a living room with bay windows & fireplace, family room with fireplace, wonderful master bedroom with walk-in closet and double sinks in master bath. Island kitchen with granite counter tops and hardwood floors.

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After a “perfect storm” over the past five years, the Jackson County housing market is struggling to its feet and giving sellers reason for optimism.

Property values are slowly going up as inventories shrink and the market runs out of cheap deals on foreclosed houses, said Colin Mullane of Southern Oregon Multiple Listing Service.

The median price of existing houses that sold over the past three months went up 27.5 percent — to $218,900 — compared with the same period last year.

The reason the median zoomed up from $196,000 a year ago is that distressed properties on the bottom rungs of the market have mostly been sold now, Mullane said.

A year ago, he said, “there were a lot of cheap, crazy deals,” and you could pick up a west Medford house for as little as $60,000 — and one in White City in the $90,000 to $100,000 range.

“Those are gone. There was a huge choice last year. There aren’t as many foreclosures now,” he said. “We’ve moved through the distressed inventory, and last winter we started seeing consistent demand. Now we’re seeing pressure on pricing.”

The median is the middle value of the market, Mullane notes, “and when you remove lower-priced homes, the median automatically goes up. It means buyers have to buy in the higher price ranges, which they are able to do because mortgage rates today are 3.25 percent.”

Foreclosed properties are down to about 11 percent of the inventory now, compared to 60 percent in January 2012, he says. In addition, higher-end homes are beginning to trickle onto the market and get offers, Mullane adds.

“We’re seeing homes in Ashland from $500,000 to $2.2 million. We haven’t seen them on the market in a long time. People are putting them back on the market and getting offers. It’s going back to a more normalized level.”

“What the numbers tell me,” says SOMLS President Adam Bogle of Coldwell Banker in Ashland, “is that the market is recovering, and there aren’t a lot of houses on the market. Only 27.6 percent of houses are distressed, so that’s helping the recovery.”

So, is the value of your home going up?

“Probably,” says Mullane. “It’s mostly because the deals are going away. We now are getting multiple offers on any home that’s priced well.”

In the past year, normally pricey Ashland has begun showing movement in all price ranges, he says, and the same is happening in most areas of the county.

The hardest range in Ashland for buyers is $200,000 to $300,000, because “sellers are aware the market is recovering and they probably want to wait a couple years. They don’t feel the timing is right yet.”

Because of the shrinking number of distressed properties, overall sales dropped 15.6 percent in the past three months, with 445 properties changing hands compared with 527 during the same period a year ago, said Mullane.

Houses are selling faster this year in Jackson County, with an average of 62 days on the market compared with 82 days last year.

Normal sales in the past three months accounted for 71.7 percent of transactions, with a median price of $225,000.

Bank-owned properties comprised 11.2 percent of sales, while short sales made up 16.4 percent of the market.

“It’s a healthier market than we’ve had in many years,” Mullane said. “It seems the mood is a lot happier. There’s more confidence with the housing market and the economy as a whole.”

John Darling is a freelance writer living in Ashland. Email him at jdarling@jeffnet.org.

Article source: http://www.mailtribune.com/apps/pbcs.dll/article?AID=/20130506/BIZ/305060303/-1/rss48

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After a “perfect storm” over the past five years, the Jackson County housing market is struggling to its feet and giving sellers reason for optimism.

Property values are slowly going up as inventories shrink and the market runs out of cheap deals on foreclosed houses, said Colin Mullane of Southern Oregon Multiple Listing Service.

The median price of existing houses that sold over the past three months went up 27.5 percent — to $218,900 — compared with the same period last year.

The reason the median zoomed up from $196,000 a year ago is that distressed properties on the bottom rungs of the market have mostly been sold now, Mullane said.

A year ago, he said, “there were a lot of cheap, crazy deals,” and you could pick up a west Medford house for as little as $60,000 — and one in White City in the $90,000 to $100,000 range.

“Those are gone. There was a huge choice last year. There aren’t as many foreclosures now,” he said. “We’ve moved through the distressed inventory, and last winter we started seeing consistent demand. Now we’re seeing pressure on pricing.”

The median is the middle value of the market, Mullane notes, “and when you remove lower-priced homes, the median automatically goes up. It means buyers have to buy in the higher price ranges, which they are able to do because mortgage rates today are 3.25 percent.”

Foreclosed properties are down to about 11 percent of the inventory now, compared to 60 percent in January 2012, he says. In addition, higher-end homes are beginning to trickle onto the market and get offers, Mullane adds.

“We’re seeing homes in Ashland from $500,000 to $2.2 million. We haven’t seen them on the market in a long time. People are putting them back on the market and getting offers. It’s going back to a more normalized level.”

“What the numbers tell me,” says SOMLS President Adam Bogle of Coldwell Banker in Ashland, “is that the market is recovering, and there aren’t a lot of houses on the market. Only 27.6 percent of houses are distressed, so that’s helping the recovery.”

So, is the value of your home going up?

“Probably,” says Mullane. “It’s mostly because the deals are going away. We now are getting multiple offers on any home that’s priced well.”

In the past year, normally pricey Ashland has begun showing movement in all price ranges, he says, and the same is happening in most areas of the county.

The hardest range in Ashland for buyers is $200,000 to $300,000, because “sellers are aware the market is recovering and they probably want to wait a couple years. They don’t feel the timing is right yet.”

Because of the shrinking number of distressed properties, overall sales dropped 15.6 percent in the past three months, with 445 properties changing hands compared with 527 during the same period a year ago, said Mullane.

Houses are selling faster this year in Jackson County, with an average of 62 days on the market compared with 82 days last year.

Normal sales in the past three months accounted for 71.7 percent of transactions, with a median price of $225,000.

Bank-owned properties comprised 11.2 percent of sales, while short sales made up 16.4 percent of the market.

“It’s a healthier market than we’ve had in many years,” Mullane said. “It seems the mood is a lot happier. There’s more confidence with the housing market and the economy as a whole.”

John Darling is a freelance writer living in Ashland. Email him at jdarling@jeffnet.org.

We reserve the right to remove any content at any time from this Community, including without limitation. Please check our Community Rules for more information. We ask that you report content that you in good faith believe violates the above rules by clicking the Flag link next to the offending comment or fill out this form. New comments are only accepted for two weeks from the date of publication.

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Fabulous Executive Home Located in Jacksonville Coachman Hills Overlooking the Valley!

First time on the market.  5 bedrooms, 4 1/2 baths, 5697 sqft. 2 way gas fireplace between formal dining room and breakfast nook. Kitchen features slate floor, granite counter tops with Jenn Air appliances. New hickory hardwood floor in formal dining room with permanent buffet divider with storage. Central vacuum system. Master bedroom has enclosed glass shower.  5 car garage with lots of storage.  Downstairs has family-media & game room.  Potential to be a two-family setup.  Home has many amazing amenities to many to mention.  A must see!!

Contact Don Martel or Vicki Fletcher at Finish Line Real Estate to get more information on this beautiful home!

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WASHINGTON — Existing-home sales declined in March, according to data released Monday that signaled a pause in the market as potential sellers were reluctant to put their homes on the market.

The National Association of Realtors said sales of existing homes fell 0.6 percent in March to a seasonally adjusted annual rate of 4.92 million.

Low inventories of existing homes for sale are constraining activity, according to the NAR. The supply of existing homes available for sale has remained under 2 million since October, and has decreased 17 percent over the past year. Inventories are expected to see a large gain in April as the buying season heats up.

The rate of home sales has stayed in a tight range of 4.9 million to 4.96 million since November. Despite March’s decline, sales were up 10.3 percent from the same period in the prior year.

“Sales were a bit weaker than expected, although they are still up solidly over the past year,” Jim O’Sullivan, chief U.S. economist with High Frequency Economics, wrote in a research note.

Meanwhile, median prices hit $184,300 in March, up 11.8 percent from the same period in the prior year, the largest year-over-year price growth since November 2005. Low inventories are supporting prices, and the median price has benefited from less distressed home activity, the NAR said.

Distressed homes made up 21 percent of sales in March — the lowest share since data collection began in 2008 — down from 29 percent during the same period in the year before.

Monday’s report is the latest data signaling a housing market that has grown substantially over the past year, supported by near-record-low interest rates and rising prices. But head winds remain from high unemployment and tight credit standards. For instance, higher standards are affecting young workers with student debt.

“First-time buyers are struggling to get into the market,” said Lawrence Yun, NAR’s chief economist.

Economists polled by MarketWatch had expected a pace of 5.03 million existing-home sales for March, compared with an original estimate of a 4.98 million rate in February. On Monday, NAR revised February’s rate to 4.95 million.

Regionally, the pace of existing-home sales fell 1.7 percent in the West and 1.5 percent in the South. The pace was unchanged in the Northeast. The sales rate rose 1.8 percent in the Midwest.

A recent reading on sentiment among home builders showed a decline in April, as the index hit the lowest level in six months, dragged down by concerns over present sales and buyer traffic. Despite builders’ concerns, the Department of Commerce recently reported that construction on new U.S. homes in March hit the highest rate in almost five years, led by apartments.

Article source: http://www.mailtribune.com/apps/pbcs.dll/article?AID=/20130424/BIZ/304240315/-1/rss48

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WASHINGTON — Sales of new single-family homes rose in March after a substantial drop in the prior month, signaling restarted momentum in the housing market, according to data released Tuesday.

The U.S. Department of Commerce reported that the seasonally adjusted annual rate of new-home sales rose 1.5 percent to 417,000 in March from 411,000 in February. Economists polled by MarketWatch had expected the rate to rise to 421,000 in March.

With near-record-low interest rates continuing to support affordability, sales were 18.5 percent higher than during the same period last year, and economists expect the housing market to continue to gain momentum this year. There’s room to grow: Despite last month’s gains, the sales rate remains far below a peak of almost 1.4 million in 2005, though that bubble level is far higher than economists say is healthy.

“High affordability and low interest rates continue to support the ongoing housing sector recovery, but we continue to note that improvement in the housing sector remains quite gradual,” said Gennadiy Goldberg, U.S. strategist at TD Securities.

Tuesday’s report echoes other recent data pointing to the housing market’s ongoing recovery. The National Association of Realtors reported Monday that existing-home sales declined in March, but were up 10.3 percent from the same period in the year before.

Regionally, results were mixed in March, with sales up 21 percent in the Northeast and 19 percent in the South. Meanwhile, sales fell 21 percent in the West and 12 percent in the Midwest.

The median sales price fell 6.8 percent in March from February — the largest drop since February 2011- but was up 3 percent from the same period in the prior year. Despite the year-over-year gain, data show that prices remain far below bubble peaks.

There was a 4.4-month supply of new homes available for purchase at March’s sale pace, matching February’s supply ratio. Ongoing low inventory levels are supporting price increases.

With few homes for sale, intense competition in certain markets is keeping some would-be buyers, including those looking to purchase their first home, from participating in the market. Overly stringent lending standards are also preventing some worthy borrowers from obtaining mortgages, economists say.

Article source: http://www.mailtribune.com/apps/pbcs.dll/article?AID=/20130424/BIZ/304240316/-1/rss48

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WASHINGTON — Sales of new single-family homes rose in March after a substantial drop in the prior month, signaling restarted momentum in the housing market, according to data released Tuesday.

The U.S. Department of Commerce reported that the seasonally adjusted annual rate of new-home sales rose 1.5 percent to 417,000 in March from 411,000 in February. Economists polled by MarketWatch had expected the rate to rise to 421,000 in March.

With near-record-low interest rates continuing to support affordability, sales were 18.5 percent higher than during the same period last year, and economists expect the housing market to continue to gain momentum this year. There’s room to grow: Despite last month’s gains, the sales rate remains far below a peak of almost 1.4 million in 2005, though that bubble level is far higher than economists say is healthy.

“High affordability and low interest rates continue to support the ongoing housing sector recovery, but we continue to note that improvement in the housing sector remains quite gradual,” said Gennadiy Goldberg, U.S. strategist at TD Securities.

Tuesday’s report echoes other recent data pointing to the housing market’s ongoing recovery. The National Association of Realtors reported Monday that existing-home sales declined in March, but were up 10.3 percent from the same period in the year before.

Regionally, results were mixed in March, with sales up 21 percent in the Northeast and 19 percent in the South. Meanwhile, sales fell 21 percent in the West and 12 percent in the Midwest.

The median sales price fell 6.8 percent in March from February — the largest drop since February 2011- but was up 3 percent from the same period in the prior year. Despite the year-over-year gain, data show that prices remain far below bubble peaks.

There was a 4.4-month supply of new homes available for purchase at March’s sale pace, matching February’s supply ratio. Ongoing low inventory levels are supporting price increases.

With few homes for sale, intense competition in certain markets is keeping some would-be buyers, including those looking to purchase their first home, from participating in the market. Overly stringent lending standards are also preventing some worthy borrowers from obtaining mortgages, economists say.

We reserve the right to remove any content at any time from this Community, including without limitation. Please check our Community Rules for more information. We ask that you report content that you in good faith believe violates the above rules by clicking the Flag link next to the offending comment or fill out this form. New comments are only accepted for two weeks from the date of publication.

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WASHINGTON — Existing-home sales declined in March, according to data released Monday that signaled a pause in the market as potential sellers were reluctant to put their homes on the market.

The National Association of Realtors said sales of existing homes fell 0.6 percent in March to a seasonally adjusted annual rate of 4.92 million.

Low inventories of existing homes for sale are constraining activity, according to the NAR. The supply of existing homes available for sale has remained under 2 million since October, and has decreased 17 percent over the past year. Inventories are expected to see a large gain in April as the buying season heats up.

The rate of home sales has stayed in a tight range of 4.9 million to 4.96 million since November. Despite March’s decline, sales were up 10.3 percent from the same period in the prior year.

“Sales were a bit weaker than expected, although they are still up solidly over the past year,” Jim O’Sullivan, chief U.S. economist with High Frequency Economics, wrote in a research note.

Meanwhile, median prices hit $184,300 in March, up 11.8 percent from the same period in the prior year, the largest year-over-year price growth since November 2005. Low inventories are supporting prices, and the median price has benefited from less distressed home activity, the NAR said.

Distressed homes made up 21 percent of sales in March — the lowest share since data collection began in 2008 — down from 29 percent during the same period in the year before.

Monday’s report is the latest data signaling a housing market that has grown substantially over the past year, supported by near-record-low interest rates and rising prices. But head winds remain from high unemployment and tight credit standards. For instance, higher standards are affecting young workers with student debt.

“First-time buyers are struggling to get into the market,” said Lawrence Yun, NAR’s chief economist.

Economists polled by MarketWatch had expected a pace of 5.03 million existing-home sales for March, compared with an original estimate of a 4.98 million rate in February. On Monday, NAR revised February’s rate to 4.95 million.

Regionally, the pace of existing-home sales fell 1.7 percent in the West and 1.5 percent in the South. The pace was unchanged in the Northeast. The sales rate rose 1.8 percent in the Midwest.

A recent reading on sentiment among home builders showed a decline in April, as the index hit the lowest level in six months, dragged down by concerns over present sales and buyer traffic. Despite builders’ concerns, the Department of Commerce recently reported that construction on new U.S. homes in March hit the highest rate in almost five years, led by apartments.

We reserve the right to remove any content at any time from this Community, including without limitation. Please check our Community Rules for more information. We ask that you report content that you in good faith believe violates the above rules by clicking the Flag link next to the offending comment or fill out this form. New comments are only accepted for two weeks from the date of publication.

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Commercial Building in West Medford for Sale!

Contact Don Martel (Cell Phone: 541-621-6443) with Finish Line Real Estate!

This is a 4500 square foot meeting hall.  Block construction with a NEW roof in 2011.  On the south side of the building are your eight parking spots.  There is an alley way behind the building if you would want to access the parking lot from there you could.  At this time main meeting hall is to the front of the building.  Back half there is another large area they used like a cafeteria with a large full kitchen.  There is one men’s room (one stall and one urinal) and one ladies room (2 stalls).  There are another four separate rooms, one could be an office another is near the kitchen which was being used to hold all there extra kitchen items and two storage areas, one is a large storage area.  With the square footage here, the possibilities are unlimited from offices, to art gallery or even used as a warehouse it’s all up to you.  Zoning is C-C check with the city for all its possible uses.  This building was built in 1950.

Check with James Fleet (Cell phone: 541-499-2574) - with Finish Line Real Estate – about this home!

Excellent Location! Close to shopping, medical, freeway access and Jacksonville.  Hampton Place Subdivision is located in desirable and beautiful area.  Contractor owned with lots of extras, like Gingerbread on the front.  7 foot tall privacy fence, large covered patio, low maintenance yard, flower beds, architectural patio posts, custom interior trim, storage shed and more.  Left side yard all in concrete.  No maintenance.  Space for many things.  Climate controlled garage. $600 spent on insulation. A/C and wood stove in garage. Cabinets included. 

Contact James Fleet (Cell Phone: 541-499-2574) with Finish Line Real Estate - About this home in Jacksonville!

Amazing private hideaway within 1 mile of downtown Jacksonville!  This unique retreat sits on over 3.5 acres.  The final house on Daisy Creek Road has peace, tranquility, beauty  & nature are found here. custom built log home nestled in a secluded oasis features; panoramic mountain views.  Chinquapin wood flooring, exposed log & stone interior.  3 bedroom/ 3 bath with open floor plan kitchen, dining, living rooms with cozy family room on the second floor. Professionally landscaped private lagoon pool, waterfall, pagoda style log and stone cabana and deck with hot tub. Guest studio with bath over 2 car garage. (527sqft) RV garage/barn 7 much more..

Contact James Fleet (Cell phone: 541-499-2574) of Finish Line Real Estate!

About this home - There is a:  Sale pending on this one!

3 Bedrooms  - 2 Baths  – Approx. 1144 Square Feet.  Built in 1910.  Cottage style bungalow has character and some repair, a studio rental in the back  (250 SQFT.)  An inviting front porch, high ceilings and well designed kitchen give this home great potential.

Home for Sale in Ashland 1044 Park Street.

Contact Vick Fletcher (Cell Phone: 541-821-6922) with Finish Line Real Estate about this home!

Residential home.  3 bedroom – 1 bath – Approx. 1776 square feet. Built in 1956

Exit 14, right on Ashland Street, left on Park go to cross street which is Siskiyou Blvd. Jog across to Park Street,  go up, house will be on your left just below the hill.

Home For Sale 818 Ninth Medford, Oregon!

Contact Jaqui Robbins Cell Phone: (541-601-0501) with Finish Line Real Estate!

This is a very cute cottage in East Medford that features as built in drawers under the closets, coved ceilings, arched door ways, pocket doors and more.  Large in square feet and warm in ambience.  Seller removed the garage door and installed a sliding glass door and heat.  Can be used as a bonus room, play room.  New roof in 2004.  Functioning wood fireplace that assists in the heating of the home, per tenant.  Hardwood floors, galley kitchen with new stainless steel sink.  Inside laundry room and pantry.  Cyclone fencing on the perimeter.  Outside storage unit.  Nice patio that is partially shaded from the afternoon sun.  Large trees in the backyard.  Approx. 1380 square feet.  Bedrooms 2 – Bathroom 1.

Shady Cove Residential Home!

Contact James Fleet (Cell Phone: 541-499-2574) of Finish Line Real Estate

Colonial style community of condo’s with pool. Good sized 1st floor condo with 3-bedroom, 2-baths and small private patio with storage shed. Superb views of mountains, close to Rogue River and shops.  built in 1994.  Approx.  1074 Square Feet

Home for sale 2184 Nick Way Grants Pass.  Sale Pending on this one!

Contact Vicki Fletcher (Cell Phone: 541-821-6922) with Finish Line Real Estate

Residential home with 3 bedrooms, 2 baths, Approx. 1513 square feet.

This beautiful home in great neighborhood!  Clean and nice.  Well maintenance  and manicured yard.  Open floor plan, covered patio with gas plumbed for BBQ.  Security system installed and available.

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The scarcity of existing homes for sale in Jackson County means those that are on the market are selling faster and at substantially higher prices.

The median sales price for existing homes during the first quarter of 2013, according to the Southern Oregon Multiple Listing Service, rose 26 percent over the first three months of 2012, climbing to $182,750 from $145,000.

New construction is benefiting from the dearth of supply while potential sellers are happy to take a wait-and-see approach before listing their homes.

“They’re waiting and waiting,” said Colin Mullane, spokesman for the Rogue Valley Association of Realtors and an agent with Full Circle Real Estate in Ashland. “They’re in a position to sell, but a lot of them are realizing we’re just at the beginning of the turnaround they’ve been waiting for.

“They’ve made it through the last seven years and aren’t rushing to sell now; they’re waiting to get closer to where they might have been before the market took a downturn.”

Year-over-year median sales prices have steadily risen since the first quarter of 2012, according to SOMLS data.

Meanwhile, the inventory of homes on the market has plummeted 21.3 percent to 889, as of March 31, from 1,130 a year ago.

Homes that were on the market sold on average in 61 days, compared with 78 days last year.

That plays well for local sellers, especially as more out-of-state buyers are finding their way to the Rogue Valley.

“We started to see that last year, but we are absolutely seeing that now,” Mullane said. “The nice thing about it, is they are selling something in typically affluent markets in Southern California, the Bay Area and parts of Washington, where there is also low inventory, putting the seller in a positive position. Then they are coming into our market with cash and ready to go. The trouble is finding a place to buy.”

While a hot market draws people into the action, a relatively tame one has its own characteristics.

“The problem is you’ve always got buyers who’ve been on the fence,” Mullane said. “They are always a little behind because they wanted to be sure that they were at the bottom of the bottom, and that was six to 12 months ago. Interest rates are at 3.5 percent and starting to creep up.”

Ashland, the highest-price market in the county, recorded a $318,250 median for the first quarter — still a far cry from the corresponding $402,500 median in 2006, but significantly better than the $255,000 median of a year ago.

“The Ashland market is back for sure in all price ranges,” Mullane said. “Even in that $300,000 to $600,000 price range, there are buyers. As soon as it’s on the market, a sale is pending as long as the seller isn’t asking for an arm and a leg. Sellers are commanding prices again rather than have it dictated to them. Those days are passing in the rearview mirror very, very quickly.”

New construction has picked up, although the houses are generally smaller than during the boom times of a decade ago.

“One of the upticks of a market with no inventory is that people are turning to a builder, who is still building at very competitive prices,” Mullane said.

Talent is among those areas where new construction is being snapped up.

“Talent benefits from its proximity to Ashland,” Mullane said. “It’s great for commuters — eight minutes or less, depending where you are trying to go to. You can find new construction in Talent for $200,000 to 300,000 and get a beautiful home. You’d have to go to at least to the $300s to get new construction similar to that in Ashland.”

Although only a portion of homebuilding activity filters through the SOMLS system, there is evidence new construction has picked up with 40 sales during the three-month period, compared with 17 in 2012.

Seven of 11 regional market areas tracked by SOMLS in the county saw year-over-year median price gains.

Central Point recorded 47 sales at a median price of $163,500, a 30.8 percent increase.

Eagle Point saw the only significant decline over the first quarter, a 9.7 percent drop to $162,500.

The Upper Rogue Shady Cove/Trail area showed a 41.2 percent jump in median prices, while the Gold Hill and Rogue River area recorded a 39.1 percent advance, but both of those were based on the sales of fewer than 10 homes.

East Medford recorded the largest number of sales of the areas tracked, with 112 sold in the three months at a median price of $200,000.

Reach reporter Greg Stiles at 541-776-4463 or business@mailtribune.com. Follow him on Twitter @GregMTBusiness, and read his blog at www.mailtribune.com/Economic Edge.

Article source: http://www.mailtribune.com/apps/pbcs.dll/article?AID=/20130404/BIZ/304040305/-1/rss48

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The scarcity of existing homes for sale in Jackson County means those that are on the market are selling faster and at substantially higher prices.

The median sales price for existing homes during the first quarter of 2013, according to the Southern Oregon Multiple Listing Service, rose 26 percent over the first three months of 2012, climbing to $182,750 from $145,000.

New construction is benefiting from the dearth of supply while potential sellers are happy to take a wait-and-see approach before listing their homes.

“They’re waiting and waiting,” said Colin Mullane, spokesman for the Rogue Valley Association of Realtors and an agent with Full Circle Real Estate in Ashland. “They’re in a position to sell, but a lot of them are realizing we’re just at the beginning of the turnaround they’ve been waiting for.

“They’ve made it through the last seven years and aren’t rushing to sell now; they’re waiting to get closer to where they might have been before the market took a downturn.”

Year-over-year median sales prices have steadily risen since the first quarter of 2012, according to SOMLS data.

Meanwhile, the inventory of homes on the market has plummeted 21.3 percent to 889, as of March 31, from 1,130 a year ago.

Homes that were on the market sold on average in 61 days, compared with 78 days last year.

That plays well for local sellers, especially as more out-of-state buyers are finding their way to the Rogue Valley.

“We started to see that last year, but we are absolutely seeing that now,” Mullane said. “The nice thing about it, is they are selling something in typically affluent markets in Southern California, the Bay Area and parts of Washington, where there is also low inventory, putting the seller in a positive position. Then they are coming into our market with cash and ready to go. The trouble is finding a place to buy.”

While a hot market draws people into the action, a relatively tame one has its own characteristics.

“The problem is you’ve always got buyers who’ve been on the fence,” Mullane said. “They are always a little behind because they wanted to be sure that they were at the bottom of the bottom, and that was six to 12 months ago. Interest rates are at 3.5 percent and starting to creep up.”

Ashland, the highest-price market in the county, recorded a $318,250 median for the first quarter — still a far cry from the corresponding $402,500 median in 2006, but significantly better than the $255,000 median of a year ago.

“The Ashland market is back for sure in all price ranges,” Mullane said. “Even in that $300,000 to $600,000 price range, there are buyers. As soon as it’s on the market, a sale is pending as long as the seller isn’t asking for an arm and a leg. Sellers are commanding prices again rather than have it dictated to them. Those days are passing in the rearview mirror very, very quickly.”

New construction has picked up, although the houses are generally smaller than during the boom times of a decade ago.

“One of the upticks of a market with no inventory is that people are turning to a builder, who is still building at very competitive prices,” Mullane said.

Talent is among those areas where new construction is being snapped up.

“Talent benefits from its proximity to Ashland,” Mullane said. “It’s great for commuters — eight minutes or less, depending where you are trying to go to. You can find new construction in Talent for $200,000 to 300,000 and get a beautiful home. You’d have to go to at least to the $300s to get new construction similar to that in Ashland.”

Although only a portion of homebuilding activity filters through the SOMLS system, there is evidence new construction has picked up with 40 sales during the three-month period, compared with 17 in 2012.

Seven of 11 regional market areas tracked by SOMLS in the county saw year-over-year median price gains.

Central Point recorded 47 sales at a median price of $163,500, a 30.8 percent increase.

Eagle Point saw the only significant decline over the first quarter, a 9.7 percent drop to $162,500.

The Upper Rogue Shady Cove/Trail area showed a 41.2 percent jump in median prices, while the Gold Hill and Rogue River area recorded a 39.1 percent advance, but both of those were based on the sales of fewer than 10 homes.

East Medford recorded the largest number of sales of the areas tracked, with 112 sold in the three months at a median price of $200,000.

Reach reporter Greg Stiles at 541-776-4463 or business@mailtribune.com. Follow him on Twitter @GregMTBusiness, and read his blog at www.mailtribune.com/Economic Edge.

We reserve the right to remove any content at any time from this Community, including without limitation. Please check our Community Rules for more information. We ask that you report content that you in good faith believe violates the above rules by clicking the Flag link next to the offending comment or fill out this form. New comments are only accepted for two weeks from the date of publication.

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It’s not even looking like spring right now, but the coming house-hunting season could be a good one for sellers.

Mortgage interest rates remain an ally for both buyer and seller, distressed properties continue to dwindle as a percentage of transactions, and there’s no immediate threat of new foreclosures ready to flood the market.

During the past three months, the median price for existing homes in Jackson County rose 32.1 percent to $185,000 from $140,000, according to figures compiled by the Southern Oregon Multiple Listing Service.

Median prices rose in all but one of the 11 urban areas tracked, with Phoenix reporting a nearly 58 percent jump and Shady Cove/Trail rising more than 50 percent. Jacksonville, the second-highest priced market, saw a 1 percent decline to $245,000.

While many new construction transactions don’t run through the SOMLS, the number of sales in its system doubled during the period, although the median price declined to $215,900, indicating smaller houses are in vogue.

One recent constant — increased sales volume — went out the window during the three months ending Feb. 28. The pace of sales diminished 12 percent to 405 from 460 a year earlier and the reason is simple — the inventory of houses available declined 30.5 percent to 823 in the SOMLS system.

“If we can get inventory, it will sell quickly,” said Terry Rasmussen of John L. Scott Realty in Medford.

The average days on the market plunged to 62 from 73 during the period.

“I went to a house listed for $160,000 in Eagle Point listed this week on Tuesday,” Rasmussen said. “We arrived and there was another agent with a client outside and another with a client inside. We had to wait 10 minutes to get into the house. When I called the listing agent, there were already two offers.”

He said a similar scenario unfolded a few blocks away for a house listed at $169,900.

“The only thing slowing down sales right now is the lack of inventory,” Rasmussen said. “It’s the same struggle happening up and down the West Coast. When houses weren’t selling, families still grew. Everyone who sat on the sidelines is trying to get in now with the great interest rates and affordable housing.”

At the height of the real estate bust, there was a 10-month glut of inventory on the national level. Now that figure is just over four months, and locally, it’s just over three months. During February 2012, there were 217 new listings on the SOMLS rolls; last month there were 189. In February 2012, there were 291 sales and 139 deals last month.

“We have very little to sell,” Rasmussen said. “During a healthy market you have five to six months of inventory, putting buyers and sellers on equal footing. You get down to three or four months and sellers have a lot more ability to stand pat on their price. That’s when you see buyers crawling over the top of each other and multiple offers and bidding wars.”

Claudette Moore, Coldwell Banker Pro West Real Estate agent, said the last three listings she’s had sold within 30 days.

“Most of the appraisals are coming in real close,” Moore said. “When they’re not quite there, the buyers and sellers are working around it and splitting the difference, if the buyer can put enough down.”

Distressed properties, which dominated the market for three or four years, have shrunk as both a percentage of sales and listings. Nearly 65 percent of deals were normal transactions at a median price of $209,050. Less than 13 percent of the inventory is distressed property.

“I don’t think much will change from the perspective of distressed property for most of the rest of the year,” said Vic Nicolescu of the Alba Group. “New construction hasn’t stepped in to fill the gap and is still relatively expensive compared to homes that are already built. The thing that is hard to predict is how long sellers will stay out of the market. If we get a bunch of sellers starting late this month, April and May, we’ll have a strong selling season and prices won’t go crazy. But if we have a continued short inventory, then we’re going to see unsustainable price increases.”

Reach reporter Greg Stiles at 541-776-4463 or e-mail business@mailtribune.com. Follow him on Twitter @GregMTBusiness, and read his blog at www.mailtribune.com/Economic Edge.

Article source: http://www.mailtribune.com/apps/pbcs.dll/article?AID=/20130307/BIZ/303070301/-1/rss48

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It’s not even looking like spring right now, but the coming house-hunting season could be a good one for sellers.

Mortgage interest rates remain an ally for both buyer and seller, distressed properties continue to dwindle as a percentage of transactions, and there’s no immediate threat of new foreclosures ready to flood the market.

During the past three months, the median price for existing homes in Jackson County rose 32.1 percent to $185,000 from $140,000, according to figures compiled by the Southern Oregon Multiple Listing Service.

Median prices rose in all but one of the 11 urban areas tracked, with Phoenix reporting a nearly 58 percent jump and Shady Cove/Trail rising more than 50 percent. Jacksonville, the second-highest priced market, saw a 1 percent decline to $245,000.

While many new construction transactions don’t run through the SOMLS, the number of sales in its system doubled during the period, although the median price declined to $215,900, indicating smaller houses are in vogue.

One recent constant — increased sales volume — went out the window during the three months ending Feb. 28. The pace of sales diminished 12 percent to 405 from 460 a year earlier and the reason is simple — the inventory of houses available declined 30.5 percent to 823 in the SOMLS system.

“If we can get inventory, it will sell quickly,” said Terry Rasmussen of John L. Scott Realty in Medford.

The average days on the market plunged to 62 from 73 during the period.

“I went to a house listed for $160,000 in Eagle Point listed this week on Tuesday,” Rasmussen said. “We arrived and there was another agent with a client outside and another with a client inside. We had to wait 10 minutes to get into the house. When I called the listing agent, there were already two offers.”

He said a similar scenario unfolded a few blocks away for a house listed at $169,900.

“The only thing slowing down sales right now is the lack of inventory,” Rasmussen said. “It’s the same struggle happening up and down the West Coast. When houses weren’t selling, families still grew. Everyone who sat on the sidelines is trying to get in now with the great interest rates and affordable housing.”

At the height of the real estate bust, there was a 10-month glut of inventory on the national level. Now that figure is just over four months, and locally, it’s just over three months. During February 2012, there were 217 new listings on the SOMLS rolls; last month there were 189. In February 2012, there were 291 sales and 139 deals last month.

“We have very little to sell,” Rasmussen said. “During a healthy market you have five to six months of inventory, putting buyers and sellers on equal footing. You get down to three or four months and sellers have a lot more ability to stand pat on their price. That’s when you see buyers crawling over the top of each other and multiple offers and bidding wars.”

Claudette Moore, Coldwell Banker Pro West Real Estate agent, said the last three listings she’s had sold within 30 days.

“Most of the appraisals are coming in real close,” Moore said. “When they’re not quite there, the buyers and sellers are working around it and splitting the difference, if the buyer can put enough down.”

Distressed properties, which dominated the market for three or four years, have shrunk as both a percentage of sales and listings. Nearly 65 percent of deals were normal transactions at a median price of $209,050. Less than 13 percent of the inventory is distressed property.

“I don’t think much will change from the perspective of distressed property for most of the rest of the year,” said Vic Nicolescu of the Alba Group. “New construction hasn’t stepped in to fill the gap and is still relatively expensive compared to homes that are already built. The thing that is hard to predict is how long sellers will stay out of the market. If we get a bunch of sellers starting late this month, April and May, we’ll have a strong selling season and prices won’t go crazy. But if we have a continued short inventory, then we’re going to see unsustainable price increases.”

Reach reporter Greg Stiles at 541-776-4463 or e-mail business@mailtribune.com. Follow him on Twitter @GregMTBusiness, and read his blog at www.mailtribune.com/Economic Edge.

We reserve the right to remove any content at any time from this Community, including without limitation. Please check our Community Rules for more information. We ask that you report content that you in good faith believe violates the above rules by clicking the Flag link next to the offending comment or fill out this form. New comments are only accepted for two weeks from the date of publication.

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Jackson County real estate activity maintained its heightened pace into winter, with properties selling faster and for more money than they did a year ago, according to the most recent figures compiled by the Southern Oregon Multiple Listing Service.

During a three-month period ending Jan. 31, 455 existing single-family houses changed hands, up 2.7 percent from the 443 sold during a corresponding period a year ago.

The average number of days those houses were on the market declined from 72 to 65, and the median price — half sold for more and half sold for less — was $183,000, a 25 percent increase from the $144,000 median price posted during the three months ending Jan. 31, 2012.

“My buyers have so few properties to choose from they are offering top dollar to get the house they want,” said Alice Lema of John L. Scott Real Estate in Medford. “Or they are buying lots and building, as well as touring in a higher price range than originally planned.”

In some cases, she said, people are changing neighborhoods so they can afford to buy or are bidding on smaller, more affordable houses.

At the same time, sellers are taking risks seldom seen in the past five years.

“My sellers are experimenting with list prices a little higher than neighborhood comps and still getting a high volume of showings, Internet hits and offers,” Lema said. “They are selling with multiple offers on properties that are not (foreclosures) or short sales and in price ranges of about $250,000.”

The median price was the highest, according to SOMLS data, since the three-month period ending in October 2009, when the median price hit $185,000. The next month it dropped to $178,000.

Of the 11 urban areas tracked by SOMLS, only Jacksonville and White City failed to see median gains. However, outlying areas are not as popular because of the specter of higher gas prices.

“Areas like Shady Cove and the Upper Rogue are still not coming back due to lack of tourism and jobs,” said veteran agent Ron Galbreath of Coldwell Banker Pro West Real Estate of Medford.

“The cost of fuel is a large concern in determining how far one wants to or can commute into the city for work or services such as medical issues.”

The number of houses available through SOMLS — far and away the majority of those on the market — declined 36.3 percent to 822 from the 1,290 that were for sale a year ago. There were 838 houses available a month ago.

Mortgage interest rates, which could climb without a lot of warning, are a motivating factor behind the brisk sales environment, said Galbreath.

“I don’t think buyers are frightened by lack of inventory, but are motivated by low interest rates that historically cannot stay this low for long with inflation worries being the cause of fear,” Galbreath said.

The role of distressed properties continued to shrink in the past quarter, with typical transactions accounting for nearly 2 out of 3 property transfers, at a median price of $210,000.

Bank-owned foreclosures represented 15.2 percent of the deals, at a median price of $130,000, while short sales made up 19.8 percent, at a median price of $151,000.

Flipping, buying and quickly reselling a house, which was commonplace a decade ago, has re-emerged after a six-year hiatus, Lema said.

“I’ve seen flipping in less than 90 days with as much as 4 percent appreciation,” she said. “Sellers are having appraisals coming in higher than contract price — even on full-price offers.”

Sellers have found themselves in a stronger position even when it comes to closing costs, Lema said.

“Contribution toward a buyer’s closing costs is no longer as necessary to seal the deal,” she said.

Reach reporter Greg Stiles at 541-776-4463 or business@mailtribune.com. Follow him on Twitter @GregMTBusiness, and read his blog at www.mailtribune.com/Economic Edge.

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Residential real estate industry leaders got all they were hoping for and more in 2012.

Not only did the market shake off its lengthy decline in property values, but the marginal improvement shown in 2011 solidified as sellers gained the upper hand for the first time since 2005.

Jackson County’s median sales price for all of 2012 was $165,000, 11.9 percent higher than the $147,500 median in 2011.

Substantial gains were reported in eight of the 11 urban areas tracked by Southern Oregon Multiple Listing Service.

“This time last year we were hoping the median value for home prices in Jackson County would stabilize,” said SOMLS spokesman Colin Mullane during a Wednesday media briefing.

“With foreclosure and short sales, inventory would be reduced and conventional sales would see somewhat of a resurgence.”

What the industry got was a year in which transactions were up nearly 19 percent, with the average time on the market nearly a month less than in 2011.

The 2,195 existing home sales last year were the most since 2005 when 2,509 single-family residences exchanged hands and corresponded with the 2,190 units sold in 2003 — a year, Mullane said, that was considered normal.

“This number is a great one for us,” said Mullane, pointing to the 2,195 on his screen.

One component applying upward price pressure is the inventory of available houses, which has dwindled from 1,310 units a year ago to 780 at the start of this year. In that period, the inventory based on rate of sales has declined from 7.2 months of housing stock to 3.5 months.

“That is well below the norm, even in a healthy market,” Mullane said. “That’s in line with what we’re hearing from the Portland metro market and other large cities such as San Francisco. The heat in the market is coming from the lack of supply.”

There also was a steady decline in distressed sales throughout the year. There were about 200 short sales on the market last January, but that had dropped to fewer than 75 in December. There were more than 150 foreclosed properties listed at the start of 2012, but only about 50 by last month.

Part of the drop in distressed sales, he said, was because of a state law kicking in during the summer requiring major lenders to mediate with homeowners who were in default. At the start of 2012, 39 percent of sales were normal sales. That number grew to 52.4 for the entire year.

Foreclosures also were slowed by a court decision that forced most foreclosures to go through the judicial system, rather than through a more expedited system set up by lenders.

Inventory likely will increase in the next few months as the judicial foreclosures begin entering the market, joined by sellers who bided their time during the long slide.

“If we see an incline (in foreclosure listings) during the next year, it doesn’t mean we’re entering into another housing problem, it just means the (foreclosure) process will be picking back up,” Mullane said. “I don’t think it will be an issue that will affect prices or slow down the market.”

He said he expected mortgage rates to climb slowly in the coming months, because the Federal Reserve has indicated it won’t be buying mortgage-backed securities.

Reach reporter Greg Stiles at 541-776-4463 or e-mail business@mailtribune.com.

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Residential real estate industry leaders got all they were hoping for and more in 2012.

Not only did the market shake off its lengthy decline in property values, but the marginal improvement shown in 2011 solidified as sellers gained the upper hand for the first time since 2005.

Jackson County’s median sales price for all of 2012 was $165,000, 11.9 percent higher than the $147,500 median in 2011.

Substantial gains were reported in eight of the 11 urban areas tracked by Southern Oregon Multiple Listing Service.

“This time last year we were hoping the median value for home prices in Jackson County would stabilize,” said SOMLS spokesman Colin Mullane during a Wednesday media briefing.

“With foreclosure and short sales, inventory would be reduced and conventional sales would see somewhat of a resurgence.”

What the industry got was a year in which transactions were up nearly 19 percent, with the average time on the market nearly a month less than in 2011.

The 2,195 existing home sales last year were the most since 2005 when 2,509 single-family residences exchanged hands and corresponded with the 2,190 units sold in 2003 — a year, Mullane said, that was considered normal.

“This number is a great one for us,” said Mullane, pointing to the 2,195 on his screen.

One component applying upward price pressure is the inventory of available houses, which has dwindled from 1,310 units a year ago to 780 at the start of this year. In that period, the inventory based on rate of sales has declined from 7.2 months of housing stock to 3.5 months.

“That is well below the norm, even in a healthy market,” Mullane said. “That’s in line with what we’re hearing from the Portland metro market and other large cities such as San Francisco. The heat in the market is coming from the lack of supply.”

There also was a steady decline in distressed sales throughout the year. There were about 200 short sales on the market last January, but that had dropped to fewer than 75 in December. There were more than 150 foreclosed properties listed at the start of 2012, but only about 50 by last month.

Part of the drop in distressed sales, he said, was because of a state law kicking in during the summer requiring major lenders to mediate with homeowners who were in default. At the start of 2012, 39 percent of sales were normal sales. That number grew to 52.4 for the entire year.

Foreclosures also were slowed by a court decision that forced most foreclosures to go through the judicial system, rather than through a more expedited system set up by lenders.

Inventory likely will increase in the next few months as the judicial foreclosures begin entering the market, joined by sellers who bided their time during the long slide.

“If we see an incline (in foreclosure listings) during the next year, it doesn’t mean we’re entering into another housing problem, it just means the (foreclosure) process will be picking back up,” Mullane said. “I don’t think it will be an issue that will affect prices or slow down the market.”

He said he expected mortgage rates to climb slowly in the coming months, because the Federal Reserve has indicated it won’t be buying mortgage-backed securities.

Reach reporter Greg Stiles at 541-776-4463 or e-mail business@mailtribune.com.

We reserve the right to remove any content at any time from this Community, including without limitation. Please check our Community Rules for more information. We ask that you report content that you in good faith believe violates the above rules by clicking the Flag link next to the offending comment or fill out this form. New comments are only accepted for two weeks from the date of publication.

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The run-up in single-family residential real estate prices in December capped a heady year for Jackson County home sellers.

The cumulative effect of low interest rates, a depleted inventory, fewer distressed sales and pent-up demand turned 2012 into a bull market with the median price — half selling for more and half for less — hitting $169,900 — a 12.5 percent gain. The statistics came from figures compiled by Roy Wright, a local appraiser, based on reports from the Southern Oregon Multiple Listing Service.

Local builders definitely felt a difference in 2012

Through November, the federal government reported 342 single-family residence permits in Jackson County, compared with 253 for all of last year.

Bret Moore of W.L. Moore Construction said his company — historically one of the largest builders in the Rogue Valley — had scaled back to a couple houses here and there for several years. But the company picked up the pace last year and even tried something totally different, building a 2,100-square-foot, four-bedroom houses on a zero lot line parcel at 1110 N. Haskell St., Central Point, made completely of domestic materials.

“I had seen a couple of things online like it, including a guy in Montana who built a house completely made of materials from the USA,” Moore said. “I thought we ought to try to do that; people in the U.S. need jobs, too. A lot of products had been outsourced, so some of products were a challenge to find.

Instead of using oriented strand board panels produced in Canada, the builders used plywood for the floor, sidewall sheeting and roof sheeting. When it came to plumbing, it required a reorder to obtain a U.S. product and it required changing brands for kitchen appliances.

The house is priced at $244,900 — about $20,000 more than it would have cost two years ago, Moore said.

“We haven’t analyzed the cost per square foot, but a few things cost more money. Overall, though, it wasn’t significant.”

December’s gain was even higher and showed a market heating up. The median for December’s 188 single family residential sales within incorporated areas and White City, was $188,000 — 36.3 percent above the $137,950 level for the last month of 2011.

For all of 2010, the county’s average selling price was $174,485. In 2011, it jumped to $181,294 and pushed to $217,209 during the past 12 months.

Average sales prices tend to be higher than median prices because expensive homes exert a greater effect on averages.

As 2012 came to a close, the soaring year-over-year price gains evoked a different kind of response from Wright than the cautiously optimistic thoughts that have accompanied the past two years.

Wright, backed by charts detailing bubbles that have burst since he began tracking local real estate in the 1970s, expressed concern that the 11.7 percent annual increase over the past two years could lead to another bubble.

“That’s a hefty increase on average, it’s not realistic to expect in the future and is just way too high,” he said. “If it were to continue, we’d just be inflating into a another bubble.”

Wright said demand for both new and existing homes pushed the average urban home price up 19 percent during 2012.

The decline in existing homes coming on the market spurred higher prices and new construction.

The number of houses listed for sale has decreased 51 percent over the past year and has declined 64 percent since 2001, Wright said.

From 1977 to 1980, average prices gained nearly 20 percent per year, cresting at nearly $74,000 before declining for years to less than $62,000 in 1986. The market heated up again in the early 2000s, surpassing 20 percent gains until 2005 when the average topped $320,000. A 46 percent drop in the average sales price ensued.

If home prices continued increasing at the current rate — which isn’t likely, Wright said — within four years the peak 2005 price of $320,000 would be regained.

“If you look at the last 35 years,” Wright said. “Real estate prices have gone up 4.7 percent per year, going up more or less at different times. Between 1985 and 2005 it was 8.7 percent per year. If we could hold to 6 or 7 percent, that’s sustainable.”

While distressed sales depressed the market for several years, causing lenders to decline loans at times even when buyers and sellers agreed on a price, traditional sales now account for close to two in three transactions.

“Appraisers are to the point where they don’t have to look at foreclosures and short sales now because there are enough of what real estate agents call happy sales,” Wright said. “A couple of years ago, those distressed sales were in the majority, but with only 3 in 10 sales being distressed now, you can ignore them.”

The Southern Oregon Multiple Listing Service is scheduled to give its annual report on sales figures in a Wednesday press conference.

Reach reporter Greg Stiles at 541-776-4463 or email business@mailtribune.com.

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The run-up in single-family residential real estate prices in December capped a heady year for Jackson County home sellers.

The cumulative effect of low interest rates, a depleted inventory, fewer distressed sales and pent-up demand turned 2012 into a bull market with the median price — half selling for more and half for less — hitting $169,900 — a 12.5 percent gain. The statistics came from figures compiled by Roy Wright, a local appraiser, based on reports from the Southern Oregon Multiple Listing Service.

Local builders definitely felt a difference in 2012

Through November, the federal government reported 342 single-family residence permits in Jackson County, compared with 253 for all of last year.

Bret Moore of W.L. Moore Construction said his company — historically one of the largest builders in the Rogue Valley — had scaled back to a couple houses here and there for several years. But the company picked up the pace last year and even tried something totally different, building a 2,100-square-foot, four-bedroom houses on a zero lot line parcel at 1110 N. Haskell St., Central Point, made completely of domestic materials.

“I had seen a couple of things online like it, including a guy in Montana who built a house completely made of materials from the USA,” Moore said. “I thought we ought to try to do that; people in the U.S. need jobs, too. A lot of products had been outsourced, so some of products were a challenge to find.

Instead of using oriented strand board panels produced in Canada, the builders used plywood for the floor, sidewall sheeting and roof sheeting. When it came to plumbing, it required a reorder to obtain a U.S. product and it required changing brands for kitchen appliances.

The house is priced at $244,900 — about $20,000 more than it would have cost two years ago, Moore said.

“We haven’t analyzed the cost per square foot, but a few things cost more money. Overall, though, it wasn’t significant.”

December’s gain was even higher and showed a market heating up. The median for December’s 188 single family residential sales within incorporated areas and White City, was $188,000 — 36.3 percent above the $137,950 level for the last month of 2011.

For all of 2010, the county’s average selling price was $174,485. In 2011, it jumped to $181,294 and pushed to $217,209 during the past 12 months.

Average sales prices tend to be higher than median prices because expensive homes exert a greater effect on averages.

As 2012 came to a close, the soaring year-over-year price gains evoked a different kind of response from Wright than the cautiously optimistic thoughts that have accompanied the past two years.

Wright, backed by charts detailing bubbles that have burst since he began tracking local real estate in the 1970s, expressed concern that the 11.7 percent annual increase over the past two years could lead to another bubble.

“That’s a hefty increase on average, it’s not realistic to expect in the future and is just way too high,” he said. “If it were to continue, we’d just be inflating into a another bubble.”

Wright said demand for both new and existing homes pushed the average urban home price up 19 percent during 2012.

The decline in existing homes coming on the market spurred higher prices and new construction.

The number of houses listed for sale has decreased 51 percent over the past year and has declined 64 percent since 2001, Wright said.

From 1977 to 1980, average prices gained nearly 20 percent per year, cresting at nearly $74,000 before declining for years to less than $62,000 in 1986. The market heated up again in the early 2000s, surpassing 20 percent gains until 2005 when the average topped $320,000. A 46 percent drop in the average sales price ensued.

If home prices continued increasing at the current rate — which isn’t likely, Wright said — within four years the peak 2005 price of $320,000 would be regained.

“If you look at the last 35 years,” Wright said. “Real estate prices have gone up 4.7 percent per year, going up more or less at different times. Between 1985 and 2005 it was 8.7 percent per year. If we could hold to 6 or 7 percent, that’s sustainable.”

While distressed sales depressed the market for several years, causing lenders to decline loans at times even when buyers and sellers agreed on a price, traditional sales now account for close to two in three transactions.

“Appraisers are to the point where they don’t have to look at foreclosures and short sales now because there are enough of what real estate agents call happy sales,” Wright said. “A couple of years ago, those distressed sales were in the majority, but with only 3 in 10 sales being distressed now, you can ignore them.”

The Southern Oregon Multiple Listing Service is scheduled to give its annual report on sales figures in a Wednesday press conference.

Reach reporter Greg Stiles at 541-776-4463 or email business@mailtribune.com.

We reserve the right to remove any content at any time from this Community, including without limitation. Please check our Community Rules for more information. We ask that you report content that you in good faith believe violates the above rules by clicking the Flag link next to the offending comment or fill out this form. New comments are only accepted for two weeks from the date of publication.

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Home prices in the nation’s 20 biggest cities dipped 0.1 percent in October from the prior month but rose strongly from the same month last year, according to a closely watched index, indicating the start of the seasonal slowdown in home prices.

It was the first month-over-month dip after six months of gains for the Standard Poor’s/Case-Shiller index of 20 large cities. The index was up 4.3 percent compared with October 2011.

“Looking over this report, and considering other data on housing starts and sales, it is clear that the housing recovery is gathering strength,” said David M. Blitzer, chairman of the index committee. “Higher year-over-year price gains plus strong performances in the Southwest and California, regions that suffered during the housing bust, confirm that housing is now contributing to the economy.”

Article source: http://www.mailtribune.com/apps/pbcs.dll/article?AID=/20121227/BIZ/212270304/-1/rss48

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Home prices in the nation’s 20 biggest cities dipped 0.1 percent in October from the prior month but rose strongly from the same month last year, according to a closely watched index, indicating the start of the seasonal slowdown in home prices.

It was the first month-over-month dip after six months of gains for the Standard & Poor’s/Case-Shiller index of 20 large cities. The index was up 4.3 percent compared with October 2011.

“Looking over this report, and considering other data on housing starts and sales, it is clear that the housing recovery is gathering strength,” said David M. Blitzer, chairman of the index committee. “Higher year-over-year price gains plus strong performances in the Southwest and California, regions that suffered during the housing bust, confirm that housing is now contributing to the economy.”

We reserve the right to remove any content at any time from this Community, including without limitation. Please check our Community Rules for more information. We ask that you report content that you in good faith believe violates the above rules by clicking the Flag link next to the offending comment or fill out this form. New comments are only accepted for two weeks from the date of publication.

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The latest real estate sales numbers compiled by the Southern Oregon Multiple Listing Service reinforced a yearlong push toward stability in the Jackson County housing market.

The median sales price for existing homes between Sept. 1 and Nov. 30 soared 19.1 percent to $179,900 from $151,000 as a dwindling inventory and low interest rates combined to boost activity by 21.1 percent.

Some 540 single-family residence units were sold during the period while a year ago 460 were sold.

The inventory of all homes on the market fell 37.9 percent over the year.

Nonetheless, the county’s median price remains 25.3 percent lower than it was five years ago and a third or more below peak market prices in 2006.

“The big numbers I saw were in the inventories,” said Rogue Valley Association of Realtors spokesman Colin Mullane.

“East Medford has dropped 55 percent — less than half the inventory it had last year — and that’s huge. Ashland has more homes on the market and east Medford is a much bigger market. West Medford is smaller, but its inventory is down 52 percent. Don’t get me wrong, the Ashland market is healthy; it just shows the pace of the recovery in east Medford has picked up a couple of notches.”

As of Friday, there were 903 available homes in the SOMLS system compared with 1,455 a year ago and 1,012 a month ago.

Average days on the market decreased by 26.7 percent, to 63 from 86.

Normal transactions accounted for the majority of total sales at 61.7 percent, with a median price of $212,500. Bank-owned properties accounted for 18.5 percent of sales with a median price of $134,250, while 19.3 percent of transactions were short sales at a median price of $152,500.

“I think it’s the first time ever that short sales are more than foreclosures,” Mullane said. “It means the sellers are still in charge of the sale and have a little more control over their futures in terms of their credit-worthiness.”

Reach reporter Greg Stiles at 541-776-4463 or email business@mailtribune.com.

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